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Andrés Castanos Müller

Vice President and Equity Analyst at Berenberg

Andrés Castanos Müller is a Vice President and Equity Analyst at Berenberg, specializing in the analysis of European industrials and infrastructure companies, with a particular focus on renewable energy and related sectors. He covers companies such as Siemens Gamesa, Nordex, and Vestas, delivering in-depth research that informs institutional investment decisions. Prior to joining Berenberg in 2019, Castanos Müller held analyst positions at Bankinter and Banco Santander, contributing over seven years of experience in equity research and financial analysis. He holds a degree in Economics and Finance, is registered with FINRA, and is licensed to provide equity investment recommendations in relevant jurisdictions.

Andrés Castanos Müller's questions to CHEMICAL & MINING CO OF CHILE (SQM) leadership

Question · Q3 2025

Andrés Castanos Müller requested an update on the progress of the Codelco deal, including pending milestones and the implications if it doesn't close by the end of 2025. He also asked for an indication of the expected mix of spodumene and hydroxide production from Australia in 2026.

Answer

Ricardo Ramos, General Manager and CEO, SQM, confirmed that the China Antitrust Authority approval was the last external authorization needed. He stated that the agreements between Corfo and Codelco are currently under review by Contraloría in Chile, with expectations for a positive review and deal closure before year-end, with no alternative plan. Mark Fones, Vice President of Strategies and M&A Lithium, SQM, indicated that the 2026 budget for Mount Holland production is not yet finalized, but the mine and concentrator are expected to operate at capacity, with SQM receiving half of the spodumene concentrate. He added that the Kwinana refinery will ramp up production, aiming to reach near nameplate capacity by the end of 2026, but the exact hydroxide volume is still to be determined.

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Question · Q3 2025

Andrés Castanos Müller requested an update on the progress of the Codelco deal, including pending milestones and the implications if the agreement is not finalized by the end of 2025. He also asked about the expected mix of spodumene and hydroxide production from SQM's Australian operations in 2026.

Answer

Ricardo Ramos, CEO, confirmed that China's Antitrust Authority approval was the last external authorization needed, and the agreement is now under review by Contraloría in Chile, with expectations for a positive review and closure by year-end. Mark Fones, VP of Strategies and M&A Lithium, stated that the Mount Holland mine and concentrator are expected to produce at capacity, with SQM receiving half of the spodumene concentrate. He added that the Kwinana refinery will ramp up production, aiming to reach near nameplate capacity by the end of 2026, with the exact hydroxide volume to be determined.

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